C4 Therapeutics, a preclinical biotech developing small molecule protein degraders to treat cancer, announced terms for its IPO on Monday.
The Watertown, MA-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, C4 Therapeutics would command a fully diluted market value of $725 million.
C4 has four preclinical programs for its small molecule protein degraders. The company expects to submit an IND for its lead candidate in the fourth quarter of 2020 and begin a first-in-human Phase 1/2 clinical trial in the first half of 2021.
C4 Therapeutics was founded in 2015 and plans to list on the Nasdaq under the symbol CCCC. Jefferies, Evercore ISI, BMO Capital Markets and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price on Thursday, October 1, 2020.
